SAN MARCOS, Calif., March 6, 2008 (PRIME NEWSWIRE) -- Amistar Corporation ("the Company") (Pink Sheets:AMTA) today reported that on March 3, 2008, it entered into an asset purchase agreement ("Agreement") for the sale of assets of its automation machine division to newly formed Amistar Automation Inc, based in San Marcos, California.
As part of the Company's plans for securing continuing support for its customers, on March 3, 2008, the Company consummated the Agreement to sell assets of the Company's machine division and to provide service, warranty and sales support to the Company's existing customer base. Amistar Automation principals consist of Joseph Pultinevicius, its President and Chief Operating Officer and Richard Geisz, its Vice President of Operations.
"We are pleased that Joseph Pultinevicius, our former national sales manager and Richard Geisz, our former service manager, will continue to provide sales, service, warranty and other support to Amistar's customers," stated Stuart Baker, Amistar Corporation's President.
"We are excited about our new opportunity in forming Amistar Automation and we will continue to provide the automation solutions that meet the needs of our customers along with the excellent sales and service support that our customers have expected and enjoyed in the past," stated Joseph Pultinevicius, Amistar Automation's President.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Reform Act of 1995, including market opportunities, asset sales, and wind-down and dissolution plans. These forward-looking statements involve risks and uncertainties, and the cautionary statements set forth below identify important factors that could cause actual results to differ materially from those in any such forward-looking statements. Such factors include, but are not limited to, adverse changes in general economic conditions, including changes in the specific markets for the Company's products, product availability, decreased or lack of growth in the electronics industry, adverse changes in customer order patterns, increased competition, pricing pressures, lack of success in technological advancements, risks associated with foreign trade, fluctuations in the price of the Company's stock, success of Amistar Automation Inc. and the ability to complete its plan of wind down and dissolution.
About Amistar Automation
Amistar Automation provides automation solutions primarily for the industrial markets. The Company markets and services a variety of automated equipment used to assemble electronic components and product identification media to printed circuit boards and other assemblies. The Company will continue to distribute the i-Pulse Company, Ltd line of surface mount technology ("SMT") and automated optical/laser/x-ray inspection ("AOI") equipment, in addition to continuing sales and support of Amistar DataPlace labeling equipment, and providing service and parts sales for Amistar Thru-Hole equipment.
Additional information about Amistar Automation will soon be available at www.amistar-automation.com.
Contact Joseph Pultinevicius, President and CEO at 760 594-2991, joep@amistar.com
About Amistar
Amistar Corporation provides design and manufacturing resources to create customized factory automation equipment and other products according to customers' specification in a broad range of industries.
Additional information about Amistar is available at www.amistar.com and pinksheets.com.